By Chris Becker
Another bullish day to be expected here in Asia with another record high on Wall Street overnight pushing the risk complex along with tech stocks leading the way. The poor US jobs print from Friday seems to have been forgotten as focus shifts more to risk taking, but currency markets were relatively stable as the USDJPY proxy lifted slightly while the oil price dropped on a possible Libyan peace deal.
Looking at Asian share markets performance from yesterday, where the Shanghai Composite advanced slightly and then jumped higher at the close, finishing up 0.7% to be over 3100 points, starting 2020 with a bang. Meanwhile the Hang Seng Index continued its own little advance, climbing 1.1% to 28954 points, still very well supported and making new highs for the year. The daily chart shows price action is getting a little ahead of itself with price remaining well above the high moving average and momentum climbing which should support a continued uptrend, but watch out for the inevitable reversions to mean:
